Irving Resources has entered into an agreement to purchase a 100% interest in a mining right in Japan which it believes is prospective for epithermal precious metal vein deposits. The company plans to conduct initial field work including mapping and sampling in the next few months.
The total purchase price for the mining right is JPY40 million (approximately C$514,000) and JPY10 million (approximately C$128,500) worth of Irving common shares.
The mining right encompasses an area of roughly 298 hectares covering a young, possibly Quaternary-aged hot spring centre hosted by Tertiary-aged intermediate and felsic volcanic rocks.
Irving has also entered into a technical advisor consulting agreement with respected Japanese geologist Hidetoshi Takaoka, who began his illustrious career in exploration and mining geology with Sumitomo Metal Mining (SMM) in 1971.
His early work included exploration for Kuroko type volcanogenic massive sulphide deposits in Japan. In 1984, he was appointed to the team assembled to explore the newly discovered world-class Hishikari high-grade epithermal vein gold deposit in Kyushu, Japan. In 1991, he was appointed VP of SMM Canada, Vancouver, where he established a joint venture with Teck Resources.
Hidetoshi Takaoka’s work culminated in the discovery and development of the world-class Pogo orogenic gold deposit in Alaska. In 1997, he was appointed Chief Geologist of SMM where he evaluated hundreds of projects worldwide, work that led to multiple discoveries. In 1998, he was awarded the Japan Mining Industry Association Award for the discovery of Pogo. He retired from SMM in 2007 but remained active with them on contract for several years.
Beginning in 2010, he became senior advisor to Japan Oil, Gas and Metals National Corporation (JOGMEC). In addition to his spectacular exploration career, he has written many technical papers including seminal work on Hishikari and Pogo.
“We are delighted and honoured to have Mr Takaoka, one of the most revered geologists in Japan, join our team,” said Irving’s CEO and director Akiko Levinson.
“His long track record of discovery speaks for itself, and given his expertise in gold deposits in Japan, Mr Takaoka puts Irving in a strong position to identify new exploration opportunities.”